Also on the shortlist is Sydney institution The Tilbury, a traditional-looking but refurbished pub located in the picturesque suburb of Woolloomooloo.

In a statement to LifeStyle, interior design firm Luchetti Krelle explained its "refined, light, fresh and sophisticated" approach to the space.

"The space flows whilst retaining a sense of identity. Furniture and lighting is mixed - not in an eclectic way but rather in a choreographed dance," interior designer, Craig Madgwick, said.

"Brass, natural stone and timbers were used in their truest form. Much of the furniture was custom designed specifically for the project, they fit perfectly with the overall tone of the hotel and achieve the level of comfort that enhances a drinking and dining experience."